This office lease form states that the landlord has entered into a certain agreement of lease with the tenant as sublessor. The tenant, as sublessor, has entered into a certain sublease agreement with the sublessee. In the event of termination of the lease, the sublessee agrees to attorn to and accept the landlord as its direct landlord under the lease for the balance then remaining of the term of the Lease, and the sublessee shall assume all of the terms and conditions of the Lease, except that sublessee shall have no liability for any defaults of Tenant prior to the date of attornment.
Iowa Nondisturbance and Attornment Agreement with Landlord is a legal document that provides protection and assurance to tenants in the event of a change in ownership or mortgage on a property. It is a crucial agreement that allows tenants to continue their uninterrupted occupancy, lease terms, and rights even if the property they are renting undergoes foreclosure or is sold to a new owner. In Iowa, there are mainly two types of Nondisturbance and Attornment Agreements offered to tenants by landlords: 1. Nondisturbance Agreement: This agreement ensures that tenants will not be disturbed or evicted from the property in case the landlord defaults on their mortgage, leading to foreclosure. It guarantees that tenants' rights will be recognized and respected by the new entity that acquires ownership of the property, even though they weren't originally party to the lease agreement. 2. Attornment Agreement: An attornment agreement establishes the tenants' acknowledgment and agreement to recognize the new owner as their landlord if a change in ownership occurs. This agreement binds the tenants to the new owner, protecting their lease terms, rental obligations, and rights under the new landlord's ownership. Both these agreements collectively provide tenants with a sense of security, ensuring their lease agreement remains intact despite any changes in the property's ownership or mortgage situation. Tenants can confidently continue enjoying their leased premises as long as they comply with their lease obligations. An Iowa Nondisturbance and Attornment Agreement typically includes several key aspects to safeguard the tenants' interests: 1. Identification of the property: The agreement clearly specifies the property address to which it applies, uniquely identifying the premises in question. 2. Parties involved: The agreement includes the names of the original landlord, tenants, and the entity that becomes the new owner or lender (in case of foreclosure). 3. Non-disturbance clause: This portion affirms that the tenants' lease will remain unaffected and enforceable, even in the event of foreclosure or change in ownership. It explicitly states that the tenants' rights to occupancy and enjoyment of the property will be preserved. 4. Attornment clause: This clause establishes the tenants' acceptance and willingness to recognize the new owner as their landlord, agreeing to continue paying rent and abide by the terms of the lease agreement. 5. Subordination clause: A subordination provision states that the tenants' rights are subject to the rights held by the landlord's lender or any future lender. 6. Notifying tenants: The agreement defines how the tenants will be informed regarding any changes in ownership or mortgage circumstances. It is crucial for Iowa tenants to carefully review and understand the specifics of the Nondisturbance and Attornment Agreement. Seeking legal advice before signing such an agreement can be beneficial to ensure protection in case of unforeseen circumstances related to property ownership.
